- "Corporate social responsibility (CSR) or corporate social impact is a form of international private business self-regulation which aims to contribute to societal goals of a philanthropic, activist, or charitable nature..." - "engaging in, with, or supporting professional service volunteering through pro bono programs, community development, administering monetary grants to non-profit organizations for the public benefit, or to conduct ethically oriented business and investment practices."
Taking into account the organization's social and environmental impact when developing strategies.
Ethical Principles: Basic ethical principles such as fairness, justice, and honesty are the foundation of Corporate Social Responsibility (CSR). These principles should guide decision-making and interactions with stakeholders.
Sustainability: The concept of sustainability must be integrated into an organization's strategy to ensure that it is minimizing its environmental impact and maximizing social and economic benefits.
Stakeholder Engagement: The engagement of stakeholders is an essential component of CSR as it allows the organization to understand the issues and concerns of various stakeholders and proactively address them.
Corporate Governance: Corporate governance encompasses the system of rules and practices that define how the management and control of an organization are carried out. Good governance is essential for achieving long-term sustainability.
Social Responsibility: Social responsibility involves identifying and addressing the social responsibilities of an organization. This includes addressing social issues such as poverty, inequality, and access to education and healthcare.
Environmental Responsibility: Environmental responsibility involves identifying and addressing the environmental impacts of an organization. This includes efforts to reduce carbon emissions, waste, and pollution.
Transparency and Reporting: Transparent and accurate reporting is critical to effectively communicate the organization's CSR efforts and progress to stakeholders.
Ethical Leadership: Ethical leadership involves modeling ethical behavior and values to build a culture of accountability and transparency within the organization.
Collaboration and Partnerships: Collaboration and working in partnership with stakeholders and other organizations can help achieve larger scale social and environmental impact.
Impact Assessment: The organization should be able to assess the impact of its CSR initiatives on social, environmental, and financial outcomes. Measuring and reporting on the impact can help improve the effectiveness of CSR initiatives.
Environmental Responsibility: This involves taking steps to reduce a company's environmental footprint and impact on the environment, such as reducing waste and pollution, and conserving natural resources.
Social Responsibility: This involves meeting the needs of stakeholders, such as employees, customers, and the community, by providing fair employment practices, safe products or services, and supporting social initiatives that benefit the community.
Ethical Responsibility: This involves adhering to the highest standards of ethical behavior, such as honesty, fairness, and respect for others, and acting with integrity in all business dealings.
Legal Responsibility: This involves complying with all relevant laws and regulations, such as labor laws, anti-discrimination laws, and environmental regulations.
Economic Responsibility: This involves creating value for shareholders, managing finances responsibly, and contributing to the overall economic well-being of the community by providing jobs, paying taxes, and supporting economic development.
Philanthropic Responsibility: This involves giving back to the community through charitable donations or volunteering, and supporting social initiatives and causes that help to improve the lives of those in need.
Cultural Responsibility: This involves respecting diverse cultures and customs, and working to promote cultural understanding and diversity in the workplace and in the broader community.
Human Rights Responsibility: This involves promoting and protecting the human rights of workers, customers, and stakeholders, such as by ensuring fair labor practices and avoiding unethical suppliers who exploit their workers.
Diversity and Inclusion Responsibility: This involves creating a diverse and inclusive workplace that values and respects differences, and encourages collaboration and innovation among employees from diverse backgrounds.
Innovation Responsibility: This involves fostering innovation and creativity in the workplace to drive growth, promote sustainability, and address pressing social and environmental challenges.
- "While once it was possible to describe CSR as an internal organizational policy or a corporate ethic strategy similar to what is now known today as Environmental, Social, Governance (ESG); that time has passed as various companies have pledged to go beyond that..." - "or have been mandated or incentivized by governments to have a better impact on the surrounding community." - "In addition national and international standards, laws, and business models have been developed to facilitate and incentivize this phenomenon."
- "professional service volunteering through pro bono programs" - "community development" - "administering monetary grants to non-profit organizations" - "conducting ethically oriented business and investment practices"
- "while it has been considered a form of corporate self-regulation for some time, over the last decade or so it has moved considerably from voluntary decisions at the level of individual organizations to mandatory schemes at regional, national, and international levels."
- "Moreover, scholars and firms are using the term 'creating shared value', an extension of corporate social responsibility, to explain ways of doing business in a socially responsible way while making profits."
- "CSR is generally understood as a strategic initiative that contributes to a brand's reputation." - "social responsibility initiatives must coherently align with and be integrated into a business model to be successful."
- "CSR can contribute to firm profits, particularly if brands voluntarily self-report both the positive and negative outcomes of their endeavors." - "these benefits accrue by increasing positive public relations and high ethical standards to reduce business and legal risk by taking responsibility for corporate actions."
- "some businesses will adopt CSR policies and practices because of the ethical beliefs of senior management" - "the CEO of outdoor-apparel company Patagonia, Inc. argues that harming the environment is ethically objectionable."
- "Proponents argue that corporations increase long-term profits by operating with a CSR perspective."
- "A 2000 study compared existing econometric studies of the relationship between social and financial performance, concluding that the contradictory results of previous studies reporting positive, negative, and neutral financial impact, were due to flawed empirical analysis and claimed when the study is properly specified, CSR has a neutral impact on financial outcomes."
- "Critics questioned the 'lofty' and sometimes 'unrealistic expectations' in CSR." - "CSR is merely window-dressing, or an attempt to pre-empt the role of governments as a watchdog over powerful multinational corporations."
- "political and sociological institutionalists became interested in CSR in the context of theories of globalization, neoliberalism, and late capitalism."